WLNH/WEMJ/WBHG were sold to Nassau Broadcast Holdings direct from WLNH Radio Inc. in Jauary 2004 for $5M. Transfer approved by FCC on 3/24/04. The acquired WLKZ from Telemedia as part of the WNNH/WHOB/WLKZ deal for around $12M in 2004. Values now?
I don't recall Telemedia ever winding up with the former Sconnix stations, NHRadio.. The Sconnix stations in the Lakes Region were sold to Nassau.. (Very late 2003, very early 2004ish ??).
NH Radio: How do you figure out cash flow when all of these stations are co-habitating ans sharing costs? How do you value a dark station? Selling 99.1, 102.3 and 101.5 creates an unknown value. I guess you could look at top line sales and use a multiplier for the ones still on the air. I would not want to be the seller in this deal. Hard to justify the sales price of the 3 they want to move. maybe look at the deals nationally, try to figure out what the value of the 3 were in those deals above and use an average "haircut". That sounds even more comlicated! For instance... IF you assaign the following past values: 102.3 $1M, 99.1 was $2M and 101.5 1M and then use Alameda as a benchmark which was 20% of value... Those 3 would be worth 800K. Hard to beleive. Again, I would not want to be the seller!
Station values, as you probably know, are usually a function of cash flow. At their peak, 9 or 10 times trailing cash flow was considered normal especially in large markets. Now, you're looking at 4 or 5 times a much smaller cash flow number. Example:
A Class A licensed to Alameda, CA just sold for $6.5 million. It's owners bought it for 32 or 33 million just a few years ago.